CALGARY, Alberta, July 14, 2017 (GLOBE NEWSWIRE) -- Silver Mountain Mines Inc. (TSX-V:SMM) ("Silver Mountain" or the "Company") is pleased to announce a non-brokered private placement of up to 10,000,000 flow-through units for total cash proceeds of up to $300,000 (the "Offering").
Each Unit consists of one common share of the Corporation to be issued on a flow-through basis (each, a "Flow-Through Share") and one half (1/2) of a common share purchase warrant. Each full common share purchase warrant (a "Warrant") entitles the holder to acquire, subject to adjustment, one Common Share at a price of $0.07 per share on or before 4:30 p.m. (Calgary time) on the date of December 31st, 2019 (the "Expiry Date") or in the event the Common Shares of the Corporation as quoted on the TSX Venture Exchange close at or above $0.10 per Common Share for twenty one (21) consecutive trading days, the Corporation may at its election then accelerate the Expiry Date upon not less than 30 days written notice to each subscriber.
"There is very good evidence suggesting that Silver Mountain should follow-up on the Ptarmigan analysis, previously announced on February 28, 2017, which was carried out by Dr. Lajoie, who has over 35 years’ experience at interpreting complex electromagnetic signatures and we are excited about the potential of discovering additional mineralization based on Dr. Lajoie’s work," said Steve Konopelky, President and CEO of Silver Mountain
The geophysical anomaly covers an area of coincidental high resistivity and chargeability and is interpreted to be a replacement body with approximate surface dimensions of 180 metres (m) by 50 m. The new anomaly is adjacent to previously released drill results from 2012 and 2014 on the Property with documented grades of up to 22,945 grams per tonne (g/t) Ag and 8.24% copper (Cu - see SMM News Release dated Oct. 7, 2014) and up to 37.30 g/t Au (see SMM News Release dated Oct. 15, 2014). Anomalous Cu and Ag is associated with the presence of sulphosalts and abundant sulphosalts have returned high grade Ag analyses (see Oct. 7, 2014 Release).
The Company may pay a finders fee relative to the Offering and the securities issued in the Offering will be subject to a hold period of four months plus one day from closing and are further subject to such other applicable regulatory and TSX Venture Exchange approvals. The Company will use the proceeds of the private placement for exploration work on its 100% owned Ptarmigan Property, located in southeast British Columbia, and for working capital.
About Silver Mountain Mines Inc. (TSX-V:SMM)
Silver Mountain Mines Inc. is a Canadian based exploration and development company with 100% ownership of a 9,986 hectare property centered on the historical silver rich Ptarmigan Mine in south eastern, British Columbia. For further information on Silver Mountain Mines Inc. please visit the Company’s website http://www.silvermountainmines.com and SEDAR (www.sedar.com) or contact Mr. Steve Konopelky, President & CEO of the Company (403-229-9140).
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, or possible transactions or alternative business arrangements or relationships etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on several assumptions and factors that could cause actual results to differ materially from those in forward looking statements Silver Mountain Mines Inc. does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except to the extent required by applicable law. Neither the TSX-Venture Exchange nor its Regulation Services Provider, as per the term defined in the policies of the TSX Venture Exchange, accepts responsibility for the adequacy or accuracy of the release.
ON BEHALF OF THE BOARD
President and CEO